I'm going out on a limb here people, but bear with me...
Reverse racism, in actuality, shouldn't even be a term... It's described as the act of racism against a majority (typically used in context of whites). But...isn't that just plain old regular racism? Last time I checked, Caucasian WAS a race. And I'm willing to bet that any other majority suffering from "reverse racism" is a race too. So why isn't it just racism? Why give it a fancy new term? If you wanted to take the literal definition, reverse racism would actually be the opposite: supporting a race as equal to another. Just a thought.

More often than not, reverse racism is in the form of giving special benefits or opportunities to people who belong to a group which has been under privaleged in the past. In effect, you are essentially committing a racist act by giving preference to one person over another because of their race, religion, or ethnicity, rather than their personal merit, skills, or knowledge.

"That black kid started a fight with that white kid but we're only going to suspend the white kid because we don't want to be racist against black people." - Liberal Principal (or Conservative Principal scared of a lawsuit)

Technically, there is no such thing; for, you see, racism is prejudice toward ANY race, including a dominant one.
With that out of the way...

"Reverse-racism" is a term for racism directed toward the majority or dominant "race" in a society; usually, it is an accidental byproduct of an attempt to protect an oppressed minority from racism.

Reverse racism is a classic example of hypocrisy. When a black-skinned person screams "Black Power!", he/she is standing up for his rights. When a white-skinned person yells "White Power!", he/she is a racist...

Reverse Racism describes the irony of a person using their race to gain special status or privileges while at the same time demanding others treat them as equals and look beyond the color of their skin.

An example of reverse racism would be a black person who condemns a company for hiring whites over blacks based solely on skin color, but at the same time demands blacks be hired over whites based solely on skin color.

what should be the act of tolerance, but is instead associated with minorities hating majorities. Thus a white person being called "cracker" by a black person is not an example of racism, but reverse racism, because only white people can be racist, thus giving reverse racism a racist connotation.

"man, calling people reverse racists is fucked up. If you hate someone because of the color of their skin, you're a racist, no matter who the fuck you are you ignorant asshole"

The act of one culture using something that would be considered racism coming from another culture to benifit themselves. If one culture did it, it's acceptable. If another did the same thing, it would be wrong.

Blacks calling each other niggers, while whites cannot. Blacks having a special TV station(BET, award shows, and even their own month, and whites not having this.